- Wolff no longer a person with significant control at Mercedes following partial stake sale
- Horner keen to return with equity involvement after more than 20 years leading Red Bull
The news that ex-Red Bull team principal Christian Horner was interested in returning to the sport through the acquisition of a stake in the Alpine Formula One team was not surprising.
Potential competition from his great rival at Mercedes in Toto Wolff, however, was not expected. According to The Telegraph, the Austrian is leading a bid from the Silver Arrows to acquire the same stake.
Rumours first emerged last year that Otro Capital had held exploratory talks over selling its 24 per cent stake in Alpine which, according to Forbes’ estimations, could be worth in the region of US$588 million.
But what could this mean for the sport?
Why are Wolff and Horner interested?
For a start, this is not the renewal of one of the sport’s great off-track rivalries – this is two astute business minds spying a rare opportunity.
Horner is interested for obvious reasons. He misses the sport having served as team principal of Red Bull for over 20 years, but he doesn’t miss the politics of not having complete control of the overall operation.
Owning equity in Alpine would give him the greater decision-making power that he desires, while any on-track success would translate to a return on investment for him personally.
Indeed, the return on investment point applies to Wolff, too. But the Austrian would likely be looking for something connected with the Mercedes team.
Since the start of the season, Alpine has been supplied with engines and gearboxes from Brackley after the infamous decision to shut down its Renault works engine programme in Viry-Chatillon.
Any opportunity to invest in the team would be highly strategic for Mercedes as it strengthens the working relationship between the two parties.
It would also secure a long-term engine partner for Mercedes at a time when the competition from rival power unit manufacturers has never been higher. Mercedes lost Aston Martin to Honda this year, while McLaren and Williams could look to new entries in Audi and General Motors as better technical partnerships in future.
Is Wolff allowed to acquire the stake?
The connection with Wolff is interesting due to his existing shareholding in Mercedes.
When the Austrian was named team principal of the Brackley-based team in 2013, he held a 15 per cent stake in Williams. Over the next three years, he gradually sold off his minority ownership due to concerns over conflict of interest.
That said, this was an internal decision from Mercedes-Benz. There are no regulations under the International Automobile Federation (FIA) that forbid a single entity owning stakes in multiple entries – just look at Red Bull owning 100 per cent of two teams.
Crucially, Wolff had a controlling stake in Mercedes at the time, something that is no longer the case after he sold 15 per cent of his stake in the team for around US$300 million last year. The Austrian was confirmed to no longer be ‘a person with significant control’ as of 25th January, according to Companies House.
These freshly liquid assets will help turn Wolff’s reported interest into a bid, although the billionaire likely wouldn’t have struggled to pull funds together regardless.
Still, rival teams would likely have issues with Wolff and/or Mercedes controlling significant stakes in two teams, even if it’s not at the same level of Red Bull’s strategy. McLaren chief executive Zak Brown has been consistently outspoken on what he sees as an integrity issue in the sport due to this strategy.
Why does Otro Capital want out?
In short, the sharp rise in the valuation of Alpine is an obvious influence, but there is the feeling that the firm would be leaving money on the table if it exited now.
Otro paid €200 million (US$233 million) for the stake originally, so the estimated valuation of just under US$600 million is a great return. However, confidence in the team must be low for a sale to even be a consideration. After all, valuations look set to continue rising thanks to the scarcity of Formula One teams.
Alpine finished last in the constructors’ championship in 2025, which was nothing short of a disaster for a full works team. The return of controversial figure Flavio Briatore in a leadership role has also added to the sense of chaos behind the scenes.
The return on investment is substantial, but the business decision is perhaps more rooted in the desire to avoid any future headaches that may arise through this relationship.
What will happen next?
There will likely be many more interested parties behind the scenes, so expect this story to take many more twists and turns throughout the season.
But whatever happens, Renault Group will retain majority control of the outfit. The French manufacturer also has first refusal on the sale of Otro’s stake, so it may even decide to return to 100 per cent control of the team – although Renault’s current financial difficulties may weaken the chances of this happening.
Attracting an active investor who can play a part in propelling Alpine towards the front of the grid is what’s needed, and both Horner and Wolff know exactly what it takes to get there.
Enjoying this content? We think you’d be interested in our upcoming event, the BlackBook Motorsport Forum.
Taking place at Mercure London, Earls Court on 24th March 2026, join the entire motorsport ecosystem to examine the forces driving performance, profitability, and long-term growth.